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Tuesday, November 26, 2013

Titan Medical Inc. - TMD.v

Titan Medical Inc. - TMD.v is developing the SPORT™ (Single Port Orifice Robotic Technology) Surgical System for use in minimally invasive surgery (“MIS”) that is expected to be commercially available in 2015.
Titan’s robotic surgical system is being designed to expand robotic surgery into areas that are currently underserviced. Currently, the most common medical procedures for which robotic systems are used are hysterectomies and prostatectomies.

"Titan Medical Inc. (“Titan” or the “Company”) (TSX VENTURE:TMD)(OTCQX:TITXF) announced today that it recently started tissue testing that has been highly successful in assessing and measuring the functionality of the Single Port Orifice Robotic Technology SPORT™ Surgical System. The purpose of tissue testing is to undertake a sequence of tests with refinements and improvements after each test, leading ultimately to the finalized fully-functional SPORT™ Surgical System. Tissue testing constitutes the first major milestone on Titan’s pathway to commercialization.

In the last two weeks, the protocols in the first two tests were implemented and the goals were successfully attained. Two more tests are planned before the end of this year. During the next nine months, iterative testing and fine tuning of all the components of the SPORT™ Surgical System will take place.

The testing is being led by Dr. Dennis Fowler who is responsible for clinical affairs and Titan’s process for obtaining regulatory approval. Dr. Fowler is working closely with the Clinical and Regulatory department of Ximedica, Titan’s development partner of record, in solidifying Titan’s regulatory strategy for obtaining permission to market the SPORT™ Surgical System from the U.S. Food and Drug Administration (FDA) and for obtaining CE Mark from the European Union.